Common use of Contingent Repayment Obligation Clause in Contracts

Contingent Repayment Obligation. (a) In the event Executive breaches any provision of Article 4 of this Agreement, Executive’s entitlement to any payments payable pursuant to this Article 3, if and to the extent not yet paid, shall thereupon immediately cease and terminate as of the date of such breach, with Executive having the obligation to repay to the Bank any payments that were paid to him during the period of the breach, provided that the non-compete covenant under Section 4(b) remains in effect. (b) If termination was initially not for Cause but the Bank thereafter determines in good faith that, during the Term, Executive had engaged in conduct that would have constituted Cause, Executive’s entitlement to any payments pursuant to this Article 3 shall terminate retroactively to the Termination Date, with Executive having the obligation to repay to the Bank all payments that were paid to him, and, upon the return of all such payments, said General Release and Waiver, and this Agreement shall be deemed rescinded and of no force or effect, provided that nothing herein shall extinguish, avoid or in any way limit Executive’s obligations under the Employment Agreement, including Section 8.5 thereof.

Contingent Repayment Obligation. (a) In the event Executive Xxxxxx breaches any provision of Article 4 of this Agreement, Executive’s Xxxxxx’x entitlement to any payments payable pursuant to this Article 3, if and to the extent not yet paid, shall thereupon immediately cease and terminate as of the date of such breach, with Executive Xxxxxx having the obligation to repay to the Bank any payments that were paid to him during the period of the breach, provided that the non-compete covenant under Section 4(b) remains in effect. (b) If termination was initially not for Cause but the Bank thereafter determines in good faith that, during the Term, Executive Xxxxxx had engaged in conduct that would have constituted Cause, Executive’s Xxxxxx’x entitlement to any payments pursuant to this Article 3 shall terminate retroactively to the Termination Date, with Executive Xxxxxx having the obligation to repay to the Bank all payments that were paid to him, and, upon the return of all such payments, said General Release and Waiver, and this Agreement shall be deemed rescinded and of no force or effect, provided that nothing herein shall extinguish, avoid or in any way limit Executive’s Xxxxxx’x obligations under the Employment Vice Chairman Agreement, including Section 8.5 thereof.